Punjab & Sind Bank has planned to raise Rs 250 crore through share sale to institutional investors in the third quarter of the current fiscal. The bank has got approvals for capital raising of Rs 250 crore via Qualified Institutional Placement (QIP) in the next quarter.
It will help achieve the twin objective of capital raising and dilution of the government's holding in the bank. Government of India holds a 98.25 per cent stake in the bank which was listed on the stock exchanges in 2010. The government's nod is also in place for the capital raising.
Punjab & Sind Bank’s primary business is taking deposits, and making advances and investments, and is principally divided into retail banking, corporate banking, priority sector banking, treasury operations and other banking services such as agency functions for insurance, distribution of mutual funds and pension and tax collection services.
